MoonPay Korea, a subsidiary of MoonPay Group, has recently entered into a Memorandum of Understanding (MoU) with Woori Bank, South Korea’s oldest commercial bank and one of its four largest banks. This partnership aims to enhance the development of Korean won-backed stablecoin infrastructure.

This MoU represents MoonPay Korea’s first banking collaboration in South Korea and focuses on integrating regulated KRW stablecoin projects with MoonPay’s global network of wallets, payment solutions, and settlement infrastructure.

According to the agreement, MoonPay Korea will act as an infrastructure partner for the global distribution and settlement of bank-led stablecoin initiatives originating from South Korea. Both parties are working on exploring use cases such as remittances, merchant settlements, institutional payments, and cross-border financial activities.

Context and MoonPay’s Stablecoin Infrastructure in South Korea

With South Korea moving from bank-led stablecoin pilots to broader domestic adoption and cross-border settlement, the market is laying a foundation for global infrastructure providers like MoonPay Korea. The company is also investigating ways to transition away from the traditional bank-exchange model towards more diversified wallet options that include self-custody.

MoonPay’s US issuance platform offers a regulated, white-label solution for launching and scaling full-reserve-backed stablecoins. This allows institutions, fintechs, and enterprises to manage stablecoins efficiently at scale. The MoonPay group holds significant authorizations including an EU MiCA authorization, a New York BitLicense, a New York Limited Purpose Trust Charter, and Money Transmitter licenses across the United States, as well as registrations in the UK, Australia, and Jersey.

Bugeon Lee, a founding executive at MoonPay Korea, has been appointed as Head of APAC based in Seoul to lead the company’s strategy in South Korea. Lee is expected to play a key role in facilitating this expansion.

Ivan Soto-Wright, CEO and Founder of the MoonPay Group, commented that South Korea is becoming one of the world’s most progressive markets for stablecoins. He also stated that MoonPay Korea’s objective is to ensure that Korean stablecoins are both trustworthy domestically and usable on a global scale.